It’s official-single family homes sales continue to sizzle!
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Cincinnati homes for sale surged ahead in April of 2013 versus the same month in 2012 in all 4 counties. According to data pulled from the CincyMLS,
Home sellers in Warren County experienced a very slight drop in the average sale price- but not in the number of homes sold.
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Buyer demand for houses and condos continues and while the average sale prices for single family homes in greater Cincinnati are better than last year- we still have a way to go before values have recovered. During the height of the real estate market in 2006, the average sale price in Butler County was $169,070, Clermont County -$192,299, Hamilton County – 166,830 and Warren County $246,300. The current issue of Time Magazine features an article authored by Rana Foroohar titled “The Housing Mirage“ which provides a quick, but in depth, view on the current state of real estate. In short, we haven’t overcome all the hurdles to secure a smooth increase in not only home sales or average sales price in the near future. And maybe that’s a good thing-because as soon as real estate prices begin to rise rapidly the “creative mortgage lenders” come out of the woodwork …and we know what happens when buyers cannot afford to make payments.
Stay tuned for updates as the “Fed” fiddles with moving away from Quantitative Easing and interest rates begin to rise slowly (hopefully).